Solana (SOL) fell further below $130 after failing to hold the $132 support amid a broad market downturn. Technical indicators suggest that if buying pressure does not defend the $126 resistance zone, the token may retest the support zone near $115.
What happened: SOL, key support test
The token lost strength, breaking below the support levels of $130 and $126 consecutively before falling to $117, and then entered a consolidation phase. The hourly candlestick chart of the SOL/USD pair shows a descending trendline forming resistance around $126.
Currently, SOL is trading below the 100-hour simple moving average. The hourly MACD has somewhat reduced its downward momentum in the bearish zone, while the RSI remains below 50.
This decline coincided with a general weakness in major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH). If buying pressure fails to recover $126, prices could drop to $115 in the short term, and further down to $102.
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Whale wallet activity interpreted as a signal of trust
A SOL wallet that had been dormant for a year withdrew 80,000 SOL worth $10.87 million from Binance on January 10. Moves from exchanges to personal wallets are generally interpreted as a signal of long-term holding intentions rather than short-term sales.
Large holders typically leave assets on exchanges for quick execution when planning short-term sales.
Transferring tokens to personal wallets reduces potential sell orders hanging on centralized exchange order books, easing selling pressure.
Solana is facing its largest infrastructure upgrade since launch with the Alpenglow consensus restructuring expected to be introduced in the first half of 2026. Key resistance levels are at $126 and $132, with critical support levels at $117 and $115.
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